BETWEEN Nov 12 and 16, notable changes in shareholding in companies listed on Bursa Malaysia included that at D’nonce Technology Bhd, a contract manufacturer of electronic components.

According to a series of Bursa filings, Singapore-based Blackstream Investments Pte Ltd mopped up 7.679 million shares, or 3.64% equity interest, on the open market between Nov 7 and 14, raising its direct stake in D’nonce to 17.37%.

Neither the transaction price nor the seller had been announced at press time.

Blackstream Investments, which is owned by Singaporean Lim Wee Bin, first surfaced as a substantial shareholder of D’nonce with an 11.38% direct stake on Nov 1.

D’nonce’s net profit plunged 65.3% year on year to RM1.32 million in the fourth financial quarter ended Aug 31, 2018, as it recognised a one-off disposal gain from the disposal of investment property in the corresponding period in 2017.

The seller is likely to be former managing director Mallek Rizal Mohsin, who disposed of five million shares, or a 3.13% direct stake on Nov 13, at 36 sen per share off market.

Following the disposal, Mallek, who remains on the board as executive vice-chairman, still owns 27.867 million shares or a 17.46% stake.

Last week, The Edge Financial Daily reported that Handal is looking at Sabah and Sarawak for expansion as it strives to grow its order book so it can return to profitability by the financial year ending Dec 31, 2020.

Over at electrical and mechanical engineering firm Kejuruteraan Asastera Bhd, GAT Success (M) Sdn Bhd has emerged as a substantial shareholder after acquiring 40 million shares or a 12.5% direct stake on Nov 9.

Tiger Synergy Bhd executive chairman Datuk Tan Wei Lian had on Nov 12 acquired 30 million shares or a 4.3% stake via a direct business transaction. Following the acquisition, he owns 38.01 million shares or a 5.87% stake in the property firm.

Notable movements

Meda Inc Bhd, a loss-making property firm, saw its share price drop 16% year to date to close at 39.5 sen last Wednesday, giving it a market capitalisation of RM190.8 million.

In June, M101 Group founder and CEO Datuk Seth Yap Ting Hau emerged as a 25.5% shareholder of Meda Inc.

Since then, speculation has been rife that existing major shareholders, Datuk Tiong Kwing Hee and the Teoh brothers, namely Datuk Dr Patrick Teoh Seng Foo, Datuk Kenneth Teoh Seng Kian and Teoh Seng Aun, will be selling their stakes and exiting the company to allow Yap to take over.

Meanwhile, Protasco Bhd, an integrated engineering and infrastructure group, saw its share price fall 61% year to date, to close at 35 sen last Wednesday, giving it a market capitalisation of RM173.2 million.

According to Bursa filings, the Employees Provident Fund ceased to be a substantial shareholder after disposing of 1.052 million shares between Nov 7 and 9. The provident fund, however, still owns 24.742 million shares or 4.99% equity interest.